Refinances Debt Facility
Sydney, May 20, 2019 AEST (ABN Newswire) - The Board of Australian communications software specialist MNF Group (
ASX:MNF) is pleased to announce it has completed the refinancing of its debt facility. The new revolving facility provides better terms, more relaxed covenants, better pricing and importantly, requires no amortisation during the life of the facility.
The company's balance sheet will be significantly strengthened as a result of the new financing structure.
The new secured club facility, with Westpac and HSBC Australia, has a limit of $60.0m, of which $45.0m has a 3 year tenor and $15.0m has a 5 year tenor. The new facility also includes access to an additional $20.0m through an accordion facility, subject to certain terms and conditions.
MNF is pleased to welcome HSBC as a new banking partner and wishes to thank Westpac for its continued support.
MNF has drawn a total of $55.6m from its debt facility with funds put against the recent acquisition of the In-A-Box business, and previous acquisitions. The company's net debt is $44.0m.
About Symbio Holdings Limited
Symbio Holdings Limited (ASX:SYM) is a software company changing the way the world communicates.
Symbio's technology replaces old-fashioned telecom networks with software, making it faster and easier to deliver modern cloud-based communication services, unlocking endless new applications for calling, messaging and phone numbers.
Symbio is the backbone for the global cloud communication industry. Over 500 service providers - from telecom start-ups to the world's biggest software companies - rely on Symbio for the connectivity, quality and expertise they need to solve complex communication challenges.
Headquartered in Sydney, Symbio powers billions of calls and messages each year, owns networks in three countries and employs over 450 staff worldwide.
For more information about Symbio visit www.symbio.global
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